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Copper Leads The Monday Charge, Oil Recovers Losses

COMMODITIES
  • Copper rose to best levels seen in a decade amid renewed optimism for strong seasonal demand from top consumer China as well as fresh supply concerns in Chile. Benchmark copper on the London Metal Exchange (LME) reached levels above $9,754, soaring more than 2% to the highest level since August 2011.
  • A potential gridlock between President and Congress over a third pension withdrawal in Chile, has prompted mining unions to announce strikes, muddying the waters surrounding potential supply concerns. The news spurred an ongoing rally, that has benefitted from buoyant equities and a softer US dollar.
  • The US dollar reversed early gains which provided precious metals with enough of a recovery to close marginally in the green on Monday. Spot gold rose 0.15% to trade at $1,780 an ounce after trading down to lows of $1,769. Spot silver gained 0.55% to trade at $26.15.
  • Oil benchmarks completed a full U-turn as losses were erased following headlines from the OPEC+ meeting. The OPEC+ panel's global demand growth estimate for 2021 was confirmed at 6 million barrels a day. The level was up from its projection last month, though in line with OPEC's April monthly report.
  • The psychological impact of the higher forecast was enough for benchmarks to retrace 2% losses back to broadly unchanged levels on Monday.
  • OPEC Secretary-General Mohammad Barkindo said that the group sees "positive signals" in the global economy, but that there are factors in the oil market that require ongoing vigilance.
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